Tips for Surviving the New Tax Laws

Financial Planning fees are no longer deductible under the new Tax Cut and Jobs Act of 2017. However, if you have both a qualified and a non-qualified account at the same institution, you may wish to “bunch” your fees and have them all deducted from a qualified account. Why is that important? Fees paid from IRA’s and other qualified accounts are not treated as a distribution. The net result is that you are paying for fees with pre-tax money and the ability to take a deduction is no longer an issue.

I hope this helps. Please feel free to reach out if you have any questions.